Buy-to-letfeaturedNews

Foundation cuts rate on 5-year BTL product

Foundation Home Loans has reduced the rate on a buy-to-let product by 10bps.

The offering is the 75% LTV 5-year fix, which has been reduced from 3.54% to 3.44%.

It includes a 2% fee, and is available to both individual landlords as well as those using limited companies.

Furthermore, the offering includes a £1m maximum loan size and there is no limit to the borrower’s background portfolio size, subject to a maximum of £3m with the lender.

George Gee, commercial director at Foundation Home Loans, said: “Our five-year products support landlords looking for a more generous loan for their rental income, given that our ICR is calculated at 125% at the pay rate – in this case 3.44% – for limited companies and basic-rate tax-payers, and 145% for other borrowers.

“The next couple of months also represent a real opportunity for advisers given the anticipation that a significant number of borrowers who bought before the stamp duty increase in 2016 will be coming to the end of their deals now.

“This 5-year rate plus our entire buy-to-let range is available for those seeking to remortgage and offers excellent rates and criteria to support landlord clients as they refinance and potentially add to portfolios.”

Show Comments

Enter your e-mail address to receive updates straight to your inbox